Working from home has challenged pre-conceived ideas of how and where we do our jobs; but it also offers an opportunity to redistribute wealth from the south-east and encourage businesses to open in regions which have been left behind.
The first benefit is the higher quality of life afforded to workers in London who decide to relocate. ¬£39,476, the average salary in the capital, goes a lot further in Cornwall or Newcastle than it does within the M25. This increase in disposal income will trickle down to local businesses, create new jobs and breathe life into struggling high-streets as the demand for cafes, bars, retailers, galleries and others increases.
Additionally, working from home reduces the need for companies to maintain office space on the same scale they did pre-pandemic. This would especially benefit charities and non-profits, who could re-direct office overheads towards the actual causes they support.
The positives also extend to companies choosing to remain in London. A reduced demand for office space will drive down commercial rents and encourage new businesses to open which were previously prohibited by the cost. Depression of commercial rents may also extend to the housing sector, which consumes a huge portion of Londoners‚’ incomes. House prices may decrease too, making it easier for first-time buyers to get on the property ladder.
More than anything, remote working is about democratising who can apply for a position. If you‚’re a 20-year-old living on a council estate in Glasgow, an unpaid internship in London is impossible without a support network in the city. It goes both ways, too. There are countless studies on diversity increasing productivity and fuelling innovation. Remote-working gives businesses the opportunity to expand their workforces beyond their normal networks, increase representation and bring new ideas into their organisations.